Pension Guru

Introduction

Just like you, I believe it’s important to take care of my retirement and the legacy I’ll leave for my children. Ensuring that I make the right choices about my pension is important.

I have the privilege of working for Stanbic IBTC Pensions for a number of years so I have some great insight into how the pensions business works, which I will gladly share with you.

I understand that adequate and timely information is essential, in order to know that your money is in safe hands and I am committed to providing you with information whenever you need it. Without this, it’s difficult to plan and move ahead in life.

I am always available, easily accessible and ready to help with any inquiry you may have. Simply send me your questions and I will get back to you within 48 hours.

I look forward to hearing from you. Till next time.

Latest Questions Answered

How do I register for online access?

Why does my account balance fluctuate?

Where can I get my login details?

Top Answers

Q: How do I register for online access?

Answer: Once you open a Retirement Savings Account (RSA) with us and your personal identification number (PIN) has been generated, an online account will automatically be opened for you.

FAQ on Contributions

What is the minimum rate of pension contribution?

According to the Pension Reform Act (PRA) 2014, the minimum rate of pension contribution is 18% of monthly emoluments, where 8% is to be contributed by employees and 10% by employers. However, an employer may choose to bear the full responsibility of the scheme provided that in such a case, the employer’s contribution shall not be less than 18% of the employee’s monthly emoluments.

Who is exempted from the Contributory Pension Scheme?

The categories of persons exempted from the scheme are:
1. Categories of persons mentioned in Section 291 of the Constitution of the Federal Republic of Nigeria 1999 (as amended) i.e. Judicial officers
2.Members of the Armed Forces, Intelligence and Secret Services of the Federation
3.Any employee who is entitled to retirement benefits under any pension scheme existing before 25 June 2004 (the commencement date of the scheme) or who as at the commencement date has 3 or less years to retire.

Can I use my Retirement Savings Account balance as collateral for a Mortgage scheme?

Following the enactment of the Pension Reform Act (PRA) 2014, Section 89 (2) of the Act provides that a Pension Fund Administrator (PFA) may subject to guidelines issued by the National Pension commission apply a percentage of the pension assets in a Retirement Savings Account (RSA) towards the payment of equity contribution for a residential mortgage by a RSA holder.

We however await the issuance of guidelines for implementation from the Commission.

What happens to my RSA and contributions when I change employers?

When a Retirement Savings Account (RSA) is opened and a PIN created, this PIN remains with you for life. This means that a change of employers would have no effect on your Retirement Savings Account.

However, when you change your employer, it is important that you do two things:
1.Provide us with your new employment details. You may e-mail this information to us, using your registered email address, via PensionSolution@stanbicibtc.com
2.Provide your RSA PIN as well as our Pension Fund Custodian (“PFC”) account details to your new employer for remittance of your monthly contributions. Our PFC details are:

Account Name: ZPC/SIPML PENSIONS

Account Number: 1010885522

Bank: Any Branch of Zenith Bank Plc

The new employer will then continue to remit your contributions to your RSA.

How can I make additional contributions into my account?

Voluntary Contributions (VC) are additional contributions that can be made alongside your mandatory contributions to your Retirement Savings Account (RSA). Remittance of voluntary contributions must come through your employer. The payment schedule provided to your employer, has a column for VC, this column should be filled with the amount you choose to contribute as VC.

Please note that your VC will be credited to your existing RSA PIN and your statement of account will also show the details of your VCs to enable you monitor the growth.

It is however important to note that Pension Fund Administrators (PFAs) are mandated to apply the current Personal Income Tax (PIT) rates on the income made on all VC where the contributions are withdrawn within 5 years of the date of contribution. VCs that are withdrawn after 5 years from the date the contribution was made will be tax free (i.e. will be paid without deducting tax).

How do I monitor my contributions?

When an employee opens a Retirement Savings Account (“RSA”) with a Pension Fund Administrator (PFA), that PFA is required to issue periodic statements of account showing how much has been contributed as well as returns on investment generated from the contributions. At Stanbic IBTC Pension Managers Limited, we send out Periodic soft and hard copy statements to your chosen email and correspondence address as well as Transaction Notification Services (‘TNS’) whenever there is a transaction on your RSA. You can also log on to www.stanbicibtcpension.com with your details, text BAL PEN************ (your RSA PIN to replace *****) to 30388, text CONT PEN************ to 30388 or perform a card-less transaction from any Stanbic IBTC ATM.

Where it appears that my monthly remittances are less than the amount being deducted from my monthly salary, what do I do?

For Public Sector Workers: It is important to note that the National Pension Commission (PenCom) has discontinued the use of documentary evidence for remittance purposes. Public sector employees are to liaise with their employers to include their correct details on the Nominal Roll to be submitted directly to PenCom. The Nominal Roll is used by PenCom to retrieve employees’ details from various Ministries, Departments and Agencies (MDAs) to enable them determine the actual pension benefits due to individual employees based on their current grade levels and steps.

Kindly liaise with your employer to include your details on the Nominal Roll to be submitted to PenCom.

We assure you that where more remittances are made on your behalf, your account will be credited and you will be notified accordingly

For Private Sector Workers: Please be advised that contributions are credited to individual Retirement Savings Accounts (RSAs) with narrations based on advice received from your employer. Therefore, we advise you liaise with your employer showing your RSA statement for the period in dispute.

It is also important to note that we charge an Administrative fee of N100 monthly as approved by the National Pension Commission (PenCom), which is deducted from your total contributions received, and these contributions are also been invested thereby increasing the value of your RSA.

Where my employer fails to make monthly remittances for me what can I do?

According to the Pension Reform Act (PRA) 2014, employers are legally bound to make contributions on behalf of their employees within 7 working days after the payment of salaries. The PRA 2014 also empowers PenCom, subject to the fiat of the Attorney General of the Federation, to institute criminal proceedings against employers who persistently fail to deduct and/or remit pension contributions of their employees within the stipulated time. Cases of unremitted pension contributions should therefore be brought to the notice of PenCom directly or through your Pension Fund Administrator (PFA).

I haven’t received any SMS or email alerts in a while.

This may be as a result of a change in your telephone number and/or email address. If this is the case, please update it online or send an email, using your registered email address, to pensionsolution@stanbicibtc.com and we will respond within 24 hours.

If your telephone number and email address are current, then it could mean that your contributions have not been remitted. If that is the case, our Relationship Managers would be on hand to address this issue with your Employers and reach a resolution.

I haven’t received my RSA statement for quite a while. What is wrong?

We typically send your statement of account for each quarter in the first month of the new quarter via SMS and email or post.

If you have not received your statement through any of these means, please check that you have not changed your phone number, email address or correspondence address in recent times. If you have, you will also have to update your details with us; you may do this by logging on to your account through our website www.stanbicibtcpension.com. Alternatively, please send your updated details to PensionSolution@stanbicibtc.com

FAQ on Login

Can I access my RSA online?

Yes. By visiting our website secure website and logging in with your RSA number or registered mobile number or registered email address and passcode.

Enter your registered email address or telephone number or complete 12 digit PIN number (starting with “PEN” with no space) on the page provided

Once you have done this an alert will be sent to your registered e-mail address and mobile number advising you of your new passcode.

Use your RSA PIN (starting with “PEN” with no space) or registered mobile number or email address and the new passcode to login for the first time

You would be required to change your passcode to any six digits of your choice that is easy for you to remember but difficult for anyone to guess.

How can I get my login details?

You can generate it from the login page on our website here by clicking on the “Don’t know your passcode? Click here” link. A passcode would be generated and sent to your email address and mobile phone number we have on record.

How do I register for online access?

Once you open a Retirement Savings Account (RSA) with us and your personal identification number (PIN) has been generated, an online account will automatically be opened for you.

It appears there are some personal details that cannot be changed, please explain what this means?

Yes fields such as NAME and DATE OF BIRTH cannot be changed online as supporting documents are required in order to effect such changes. However, if you would like to change your Date of Birth please click here for the required documents.

To change your name on our records, kindly scan the following documents to pensionsolution@stanbicibtc.com:

Documents for change of name (Female)

A completed copy of the client request form (the signature appended on this form should be the same as signed on your retirement savings account opening form)

The full sheet of the newspaper publication notifying the public of your change of name (heading inclusive i.e. name of publication, page number and date)

A copy of your marriage certificate or sworn affidavit for the name change.

Documents for change of name (Male)

A completed copy of the Client request form (the signature appended on this form should be the same as signed on your retirement savings account opening form)

A sworn affidavit for the name change

The full sheet of the newspaper publication notifying the public of your change of name (heading inclusive i.e. name of publication, page number and date)

Driver’s License or National Identity card or International Passport indicating the new name

A letter from your employer confirming the change of name

FAQ on Statements

How do I generate my statement online?

To generate your statement online, simply follow the steps below:
1.Visit our website (www.stanbicibtcpension.com) and look to the right hand of the screen (middle section) to click on the drop down button where you see “Login to Account”
2.Another window will appear advising you to login with your RSA PIN, USERNAME and PASS CODE which will take you to your account summary page
3.Click on the link “STATEMENT” on the Account Summary page
4.Enter the dates for which you want the statement to be generated

I cannot understand some of the terms used on the statement, please explain:

Here are some of the terms used:
Total Net Contributions Received:This is the sum of contributions received on your behalf from your employer before any investment activity by us, less N100 Admin fee/month.

Total Withdrawals: This refers to the total amount of money that has been paid out to you either through your voluntary contribution (VC) or from your retirement benefit payments.

Gain/Loss: This refers to the profit or loss made on your account as a result of investing your monthly contributions. It is worth mentioning that the gains outweigh the losses in most cases because of the strict investment guidelines that have been placed on pension funds by our Regulator, the National Pension Commission (PenCom).

Portfolio value: This is the total sum of money in your Retirement Savings Account. This comprises of TOTAL NET CONS RECEIVED + GAIN/LOSS. This is usually higher than the contributions received.

Why does my account balance fluctuate?

The difference observed in your Retirement Savings Account (RSA) balances is a result of the changes in the RSA Fund’s unit price. These price changes are a summary of the investing activities of the fund.

The unit price of the RSA Fund is computed by dividing the Net Asset Value (NAV) of the Fund (contributions + appreciation/depreciation) by the actual contributions received. However, because up to 25% of the Fund can be invested in stocks (whose prices rise or fall daily) the unit price of the Fund may appreciate or depreciate over time. We expect the RSA Fund to appreciate over the long term.

Where can I get my login details?

Login details can be found on your Pension Registration Certificate which would have been sent out to you when your Retirement Savings Account was opened with us.

Alternatively you may send an email, using your registered email address, to PensionSolution@stanbicibtc.com requesting for another copy. Once your email address is verified on our database, a duplicate copy of your Pension Registration Certificate will be sent to your registered email address.

2.Send the complaint, using your registered email address, to PensionSolution@stanbicibtc.com

3.You may also call our multi-lingual contact centre on 01-2716000.

FAQ on Withdrawal Inquiries

What happens to my contribution when I die?

Upon the death of a Retirement Savings Account (RSA) Holder, entitlements will be paid in full first and foremost to your named beneficiary under a Will. Where the RSA holder dies intestate (i.e. without a Will), entitlements may be paid to any of the following parties (in order of priority) provided that these parties present Letters of Administration alongside other documents that would be advised upon receipt of your notification:

The spouse and children of the deceased OR

In the absence of a spouse and child, to the recorded next-of-kin OR

Any person designated by you during your life time OR

In the absence of such designation, to any person appointed by the Probate Registry as the administrator of your estate.

It is also important to note that we usually contact the registered Next of Kin on our records as soon as we receive death notification of our client.

Can I use my retirement savings account balance as collateral for a loan?

Your Retirement Savings Account cannot be used as collateral for a loan as access to the funds is restricted until one retires or attains retirement age (whichever comes later). Therefore, if the Retirement Savings Account holder were to default on the loan the bank would not be able to recover the debt by calling on the funds as they are legally protected by the Pension Reform Act 2014.

I recently resigned from my place of work; can I withdraw some money from my RSA?

In line with the Pension Reform Act (PRA) 2014 and the rules and regulations of the National Pension Commission (PenCom), a Retirement Savings Account (RSA) holder who retires voluntarily or disengages from employment either voluntarily or involuntarily, before the age of 50 years and is unable to secure another job within four (4) months, can withdraw 25% of the current balance in his/her RSA.

Can I take all my money at once when I retire?

A retiree who is 50 years and above, may only access the entirety of his savings when his consolidated Retirement Savings Account (RSA) balance is below N500,000.00 . This will be paid as a lump sum since it may not be feasible to commit the balance to programmed withdrawal. In the case where you are above 50 years with RSA balances in excess of N500,000.00, a minimum lump sum withdrawal of 25% is allowed and the maximum is subject to a formula that ensures is the amount left is sufficient to fund a programmed withdrawal that will generate at least 50% of your last salary at retirement on a monthly or quarterly basis for your expected life span or procure an annuity from a Life Insurance Company. Both modes of withdrawal are subject to approval by the National Pension Commission.

Can I access my funds before retirement if I have an emergency or a pressing need?

Your Retirement Savings Account is designed to provide you with an income upon retirement therefore funds typically cannot be accessed until one attains the age of 50 years or upon retirement (whichever comes later).

However, where a Retirement Savings Account (RSA) holder is temporarily unemployed before the retirement age (i.e. he/she is voluntarily/involuntarily disengaged, downsized, retrenched etc.) and has remained unemployed for a period of at least four (4) months without securing another employment, such an individual may apply for 25% of his/her current RSA balance.

How can I access my funds when I retire?

Kindly contact us either through our multilingual contact center on 01 2716000 or send a letter to Stanbic IBTC Pension Managers Limited Plot 1678 Olakunle Bakare Close Off Sanusi Fafunwa Victoria Island Lagos, or send an email using your registered email address to PensionSolution@stanbicibtc.com to notify us of your retirement/disengagement. Upon receipt of your notification we will advise you as to what mode of payment is available to you and the necessary documents to submit to enable you make any withdrawal from your account.

FAQ on Remittance Issue (Public Sector)

I am a public sector worker, I recently discovered that no remittance has been made on my behalf despite regular deductions from my salary?

There are two categories to this - Treasury funded organizations and those on the Integrated Personnel and Payroll Information System (IPPIS).

The National Pension Commission (PenCom) is responsible for remitting the pension contributions for treasury funded ministries, departments & agencies (MDAs). PenCom determines the actual pension benefits due to individual employees based on the Nominal rolls submitted by their employers. You are to liaise with your employer to include your correct details on the Nominal roll to be submitted directly to PenCom.

Contributions for ministries, departments & agencies (MDAs) under Integrated Personnel and Payroll Information System (IPPIS) are remitted by the Office of the Accountant General of the Federation.
Kindly liaise with any federal pay office near you.

FAQ on Remittance Issue (Private Sector)

I work in the private sector and have been with my current employer for two years, and no remittance has been made on my behalf.

Making remittances on your behalf is the sole responsibility of your employer, and so when you commence any employment it is important that you provide your employer with your PIN number and our Pension Fund Custodian (PFC) details (as shown in your Pension Registration Certificate). However where these issues arise for other reasons and are brought to our attention, our Relationship Managers will liaise with your employers to resolve the issue.

FAQ on PIN Request

What should I do if I notice wrong information on my pension registration certificate?

If you notice any wrong information on your Pension Registration Certificate, please send us an email using your registered e-mail address via PensionSolution@stanbicibtc.com OR Call our multilingual Contact Centre on 01-2716000 OR Send a letter to Stanbic IBTC Pension Managers Limited Plot 1678 Olakunle Bakare Close Off Sanusi Fafunwa Victoria Island Lagos, notifying us of the error, and it will be verified and corrected accordingly.

What are these other pieces of information on my Pension Registration Certificate?

Your Pension Registration Certificate contains information we have registered for you on our database. Such information includes:

Your Personal Identification Number (PIN) can be found in the following correspondence from us:

Your Pension Registration Certificate which you would have received as soon as your account was opened with us,

Your Statement which is sent periodically, as well as

Your Transaction Notifications sent to the mobile number registered with us each time remittances are uploaded onto your account.

Alternatively you may send an email, using your registered email address, to PensionSolution@stanbicibtc.com requesting for your PIN and as long as the email address can be verified on our database, it will be emailed to you.
You can also text MYPIN to 30388 using your registered mobile number with us.

FAQ on Change Request

Can I change my next of kin (NOK) or register more than one person as next of kin on my account?

Yes you can. Your Next of Kin (NOK) can be changed online on the ‘UPDATE BIODATA’ page, however if you would like to add an additional person, kindly send an e-mail, using your registered email address, to PensionSolution@stanbicibtc.com with the following details:

Full Name of proposed NOK

Gender of NOK

Relationship to NOK

Contact Telephone Number of NOK

Correspondence Address and

Email Address of NOK

And this will be updated on our database.

It appears there are some personal details that cannot be changed, please explain what this means?

Yes fields such as NAME and DATE OF BIRTH cannot be changed online as supporting documents are required in order to effect such changes. However, if you would like to change your Date of Birth please click here for the required documents.

To change your name on our records, kindly scan the following documents to pensionsolution@stanbicibtc.com:

Documents for change of name (Female)

A completed copy of the client request form (the signature appended on this form should be the same as signed on your retirement savings account opening form)

The full sheet of the newspaper publication notifying the public of your change of name (heading inclusive i.e. name of publication, page number and date)

A copy of your marriage certificate or sworn affidavit for the name change.

Documents for change of name (Male)

A completed copy of the Client request form (the signature appended on this form should be the same as signed on your retirement savings account opening form)

A sworn affidavit for the name change

The full sheet of the newspaper publication notifying the public of your change of name (heading inclusive i.e. name of publication, page number and date)

Driver’s License or National Identity card or International Passport indicating the new name